These stocks are experiencing solid breakout, see what is pulling market up
Markets opened higher despite of heavy fall from last two days. We brought a list of stocks experiencing a strong positive breakout today.
Nifty 50 began today's session with a gap-up opening and a positive bias, attributed to Powell's commentary on balancing interest rate hikes. Considering global markets, key Wall Street indices finished in the green on Wednesday. This rise has made investors increasingly confident that the next move in U.S. interest rates will be a decrease rather than an increase. The Nasdaq Composite, Dow Jones, and S&P 500 all gained 1.77%, 0.67%, and 1.05%, respectively.
Powell mentioned the possibility of another rate hike but appeared less resolute. He noted that risks were becoming more balanced, signaling progress in managing inflation and stable inflation expectations.
At the time of writing, the Nifty 50 was trading near its critical level of 19,000 at 17,088.15, up by around 110 points (0.58%). Broader market indices traded in line with frontline indices. The Nifty Mid-Cap index is up by 1.00%, and the Nifty Small-Cap index is up by 1.12%.
Furthermore, India's Manufacturing PMI slipped to an 8-month low yesterday. However, when looking at the long-term average, which is 53.9, it seems safe. GST collections rose by 13% YoY to Rs. 1.72 lakh crores in October, the second-highest after April.
Auto sector sales data is out, and Tata Motor EV saw a 28% YoY sales growth, while TVS iQube EV sales grew 2.5 times.
The following stocks have experienced a strong positive breakout:
Disclaimer: The article is for informational purposes only and not investment advice.
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